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' tax rates are going up. the americans paycheck will get a lot smaller. that would be the wrong thing to do for our economy. it would hurt middle-class families and it would hurt the businesses that depend on your spending. and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that can pass both houses in time. but, if an agreement is not reached on time, i will urge the senate to hold an up or down vote on a basic package that protect the middle tax from the income tax hike, extends vital unemployment insurance and lays the groundwork for future progress on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow it to come to a vote. they still want to vote no, let tax hikes it the middle class, that is their prerogative. but they to let everybody else vote as well. that is the way this is supposed to work. we just cannot afford it politically self
. looking to ring in with a mileage tax. it will help to rebuild our crumbling infrastructure. would that crum bem our economy instead . i am tracey in for cheryl casone. welcome to carbin'. wayne john and john and julian and carroll. welcome everyone. so, oregon's democraticic congressman asking for a mileage tax to rebuild our roses and bridges. john is thi good or bad what s going on here? >> this is a ridiculous. it is the wrong time to implement it. electric cars are decades away . having a mileage tax is cadesway . putting odom heretos and logging down to the mileage manually. this would cost a fortune for the tax. we have a gas tax that is do go through road and bridges. >> and talking about a vehicle miles traveled tax. someone like me wayne, so much. i understand why people would want to clarge me more. >> i understand it, too. but john is right we have a fuel tax. and and it is it another way to track pime and look for trouble . you got auelax and fuel x is a huge tax . they are using the argument to get better mileage now. maybe you don't need to do so much. it is based on
is it ensures that the american people will not have the largest tax increase in the history of our country tomorrow. $2,000 a year out of the pocket of families making $80,000 a year. almost $4,000 a year out of the pocket of families making $150,000 a year. what does that mean to families? it might be the money that helps them stay above water on their mortgage. it might be the money that alous their child to attend college. beyond the ramifications at the family level there is thining aggregate effect across the economy. when families don't have that money they it are not able to spend the money to buy products that need to be produced. have jobs in america and create jobs. i think we need to make sure that we don't raise taxes on the american people. the best way to do that is by supporting this bill. anybody opposing this bill is supporting the largest tax increase in the history of the country. i call upon my colleagues democratic and republican to remove this tax burden from the middle class and ensure that taxes don't go up tomorrow. i encourage my colleagues to support the rule and
marketplace. simply put, the tax code is a nightmare. it is too complex, too time- consuming and costly. about 6% of individual taxpayers have to hire others to do their tax return because the code is too complicated. as a result, if it were an industry, it would be the largest in the united states and would consume 6.1 billion hours, the equivalent of more than 3 million full-time workers. yes, it is too costly. taxpayers spent -- spent 163 billion complying with the individual and corporate income tax rolls. add to that the fact that the u.s. has the highest corporate tax rate, and an outdated worldwide system of taxation and not to -- it is not too difficult to imagine why many do not view america as an attractive place to hire and invest. nothing about the bill we are considering tonight changes the realities. that is why the ways and means committee will pursue tax recovery of the tax reform in the next congress. -- will pursue tax reform in the next congress. i urge my colleagues to support this bill and get us one step closer to tax reform. i reserve my time. >> the gentleman's time is
off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more protection for women. and police expect more demonstrations in the days to come. >>> four people are dead after a plane crashed at the moscow airport. four others were injured. eight people were on board, all of them crew members when the plane overshot the runway. don't go away. at 2:00 p.m. eastern, the top stories of the day including that growing outrage over russia's adoption ban. hundreds of americans are frantic after being told their adoptions are not going to go through. we'll also take a look back at the year in politics and the fierce battles the unexpected alliances and of course the best
. the most significant progress was to protect 99% of american families from any tax increase. unless -- if the senate measure is approved in the house, we will see 99% of american families spared a tax increase today. the vast majority of working families, middle-income families struggle. they live paycheck to paycheck. the pew institute did a survey within the last year or two asking working families a very basic question. if an emergency came up, could you find $2,000, borrow or find $2,000 to meet an emergency need. $2,000 is not an extraordinary amount of money when you consider that a simple trip to an emergency room or urgent care clinic could result in a $2,000 medical bill. they asked working families. barely half of american families had access to $2,000. and that tells you how close to the edge so many families live. had we not acted on this measure early this morning, these middle-income families would have faced an increase in their taxes of more than $2,000 a year. that's not only in illinois and california, but across the nation. so we had to come together and protect t
. >>> president obama is back in hawaii today after making permanent the bush tax cuts for 98% of americans. no word if the president will be signing it today with a pen in one hand and muay thai in the other. included in the bill. extension of unemployment benefits for a year and a two-month delay of the automatic spending cuts better known as the sequester. on deficit and debt, the deal is more of a punt, but just averting the cliff has sent the markets soaring with the dow already up over 200 points. while it's no grand bargain, the bill does not tackle spending, by the way, don't miss the significance of this vote. republicans by an overwhelming majority in the senate and minority in the house voted to race taxes for the first time in two decades. just before 11:00 p.m., grover norquist tried to keep his infamous pledge from going obsolete, tweeting "the bush tax cuts lapsed at midnight last night. every "r" voting for senate bill is cutting taxes and keeping his or her pledge." sorry, grover, the impact of the bill is absolutely a tax hike. supporting it was not unanimous, all but five
a massive tax increase, and i think more so than any other time in our lifetime, paul, you will see a very divergent path taken by states like california that are very liberal, and some of the states in the south that will promote tax cuts, reductions in pension class, and i think it will be a real experimente to see which models work. >> do you predict california will not get down from the jobless rate and will see an out flow of capital? the state still has tremendous resources in agriculture and high-tech obviously and the hollywood area. are you over doing some of the pessimism here about california? >> no, i do not think -- i think it is hard to see any optimistic forecast for california. everywhere i go, and as you know i go all over the country, i can't tell you how many times i run into
talking about for weeks and weeks, which is those tax rates. republicans are saying they want to keep tax cuts in place for incomes above $400,000. democrats from their perspective they say they have moved away from one source i talked to, their comfort zone, $250,000. they moved up from that. they're not willing to go above 400,000. the bottom line, i think it goes without saying, this is not a good sign that things are so bad right now and they're not talking at this point when we're so close to what is a clear deadline. >> it's beyond that. it's obnoxious, it's -- >> it's unsulting to americans, it's insulting to the world. more than 500 days have gone by since they came to an agreement that they would have to do something by now. it is quite remarkable that we are actually in this position. dana, excellent reporting, stand by there. i want to remind our viewers, two things that we're talking about here. the democrats had signaled that they might be able to use 400,000 as a threshold. the republicans had signaled they might be able to use $1 million as a threshold. but the speaker of t
. and then there was this. >> that reform has to go hand in hand with reforming our tax code so that wealthy individuals and the biggest corporations can't take advantage to deductions to those standing up here that aren't available to most americans. >> that was the first time that the public has heard the president say that he wants to raise taxes next year. >> let's pass the tax relief portion now, let's take what has been agreed to and get moving and we will continue to work on finding smarter ways to cut spending but let's not let that hold up the tax hike that will take place in ten hours. >> i want to give a kudos to senator biden. good for him and good for mcconnell. good evening. this is the kudlow report. now there still may be a vote in the senate tonight. the breaking news story devel developing on a minute by minute basis. let's bring in john who has been doing a brilliant job. good evening. >> reporter: we are still waiting for the wrap up of a deal between vice president biden and senate republican leader mcconnell. i got a message from a source in the senate who said we are getting there
, the middle class gets socked with a tax hike. you earn 50,000, get ready to pay an additional thousands of assam. here with details, scott hodge, president of the tax foundation. thank you for coming in. let's get into the details of this behemoths, a huge bill, starting with the average tax increases that people are going to face here. if you're making 50,000, 75,000, as i said, 822 will be your increased tax, what you will owe, and it just keeps going. >> well, that's exactly right. that, the tax increases in the middle class will come from the exploration of the temporary reduction in apparel tax which was reduced, as you know, 2 percent. that goes away, and so our payroll taxes will go up. the average taxpayer will see an increase of the thousand dollars gerri: is circles within circles. we talk about the bush income taxes expiring. you're not talking about the payroll tax, social security income tax. we put that in place. it was stimulus. this will really catch the middle-class. here is the number that really drove all this home. 77 percent of americans will now face higher federal
has done nothing to fix our task -- tax cut or deal with the spending. it does blocked an automatic pay hike for members of congress. lawmakers are supposed to receive automatic cost-of-living pay hikes, but as congress's approval rating has fallen into single digits they have consistently voted to reject the race. the president obama recently issued an executive order to implement it along with the pay increase for federal workers. lawmakers might not be good at doing their job, but it sure seems they know what. that is my "2 cents more." coming up tomorrow, the fiscal cliff deal worked out on capitol hill. piece of our financial problems. tomorrow steve forbes to talk about that. that's it for tonight on "lou dobbs tonight." have a great night. lou: good evening, everybody. the last-minute fiscal cliff steel locking in bush-era tax rates for most of america, but that deal still results in a tax increase for nearly 80 percent of america while adding up to $4 trillion to the national debt the deal ensures that more than 120 million tax filers will see some sort of tax increase over
cliff negotiations, that are going to eliminate this middle class tax hike, but the fact is, payroll taxes are going up. if you make $50,000 a year, you're going to pay a thousand more in taxes so when the president and congressional leaders stand up and say we saved the world, we avoided middle class tax hikes and look at your paycheck, you're going to realize they talk in a different language in washington and people get burned. stuart: i know you've got a poll on the blame game. i'm going to put it up on the screen now. i think it sails 44% will blame the republicans if we go over the cliff and 36% blame the president, scott, i think that's much more narrow than i thought. i thought republicans would overwhelmingly get trashed on this and get all-- >> no, because the republican voters say the president is to blame for everything. if their favorite football team lost it's the president's fault. a good solid base of republicans that have a different way and republican-leaning independents and 50% say both sides are to blame and the cynicism is unbelievable. they just, you know, righ
to bye down months of the cut but says the tax issues shooting forward. >> we will continue to work on finding smarter ways to cut spending. but let's not let that hold up,be protecting americans from the tax hike that will take place. we can do this. we must do this. >> though it is down to the wire. >> it's december the 31. january 1 is tomorrow, 2013. taxes go up. >> frustrated senator john thune says the senate should have acted months ago to keep the u.s. economy going off the fiscal cliff. >> i find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz. i hope we can get something done on the last day. we put two people together basically to resolve this. >> the two people were senate republican lea leader mitch mcconnell and joe biden who worked the phones after talks between mcconnell and harry reid stalled. >> discussions continue today on plan to affect the middle class families from the tax increase tomorrow. there are a number of issues in which the two sides are still apart. negotiations are continuing as i speak. >> the ag
that would let taxes rise on the wealthiest households while protecting the vast majority of americans from tax hikes set to hit in january. welcome to the saturday edition of "and the washington journal." for the first 45 minutes of the program we are going to be talking about senate negotiating a fiscal clifts deal, what has been going on on that half of the capital. see what they are talking about and how things are going. we want to get your input and your part of the conversation. you can reach out to us on twitter. facebook, facebook.com/cspan. and you can send us an e-mail. this is more from the article, the lead story in "the washington post." they ride, the development marked a breakthrough after weeks of paralysis. joining us by phone is one of the authors of that article, and, laurie, welcome to the program. tell us, what kind of a deal did the president offered? what is new in the negotiations among the senators and between the senators and the white house? caller: there does not appear to be anything new. the policies they are talking about are the senate has been on the table
-class families from a tax increase tomorrow. there are a number of issues on which the two sides are still apart. but negotiations are continuing as i speak. we really are running out of time. americans are threatened with a tax hike in just a few hours. i hope we can keep in mind our single-most important goal is to protect middle-class families. whether or not we reach agreement in the short time we have left we'll need agreement from both sides from taxes going up tomorrow for every family in america. there are still some issues that need to be resolved before we can bring legislation to the floor. the president pro tempore: under the previous order, the senate will proceed to a period of morning business until 12:00 noon. it's for debate only. senators are permitted to speak therein for up to ten minutes each. a senator: mr. president? the presiding officer: the senator from iowa. mr. harkin: mr. president, i understand we're in morning business. the president pro tempore: the senator is correct. mr. harkin: mr. president, i was disturbed to read in "the washington post" this morning that so
's going up in 2013. >> brenda: cavuto on business in three,two... >> hink taxes are not going up if these guys pull off a last minute miracle? think again. hi, everybody, i'm dagen mcdowell in for neil cavuto and fox on top of a clock ticking down. less than 62 hours until it all goes town and i'm not talking about thatall in time square or those automatic tax hikes and spending cuts lmakers are scrambling to avoid. i'm talking about taxes going up no matter what. taxes in the president's health care law. a new tax on investment income, a tax on medical device mers costing jobs, those aren't the only ones, that last tax forcing companies, many companies to laff workers. and coming attractions for the new year, to ben stein, charles payne, todd soenberger and sarah, charles, you first. >> let the flood gates open. listen, dagen, obviously, we know-- actually we don't know, but it's to nancy pelosi's point we're going find out and i hope we like it. a lot of taxes associated with obamacare. you mentioned the medical device ise, a l of these companies, by the way, medical device co
. i tell you, we get the prime guests right here. ed lazear says tax hikes hurt growth. find out just how much. liz: rich edson live on capitol hill with the very latest on the fiscal cliff countdown. larry shover live in the pits of the cme, and what action we saw, wow, and we've got more than $100 billion worth of advice from our market panel, bill greiner and sandy lincoln. but first, let's talk to rich edson and, rich, you know, you're looking at a situation at the moment where you have the president saying we're close, but no deal. you have senator mitch mcconnell on the republican side saying close, but no deal. leads me to ask, what about joe biden? our vice president? he's the one who kind of brought things together in the early morning hours. >> reporter: he did, and mitch mcconnell called vice president biden, and they were hammering out a deal almost to the point where the senate minority leader said when he woke up this morning he thought they did have a deal, at least on the tax portion. republicans saying they have worked out and reached agreement on the tax issues, the
in congress. i will sign a law that raises taxes on the wealthiest 2% of americans. >>> on wall street, stocks surge in reaction to the short-term deal, but house republicans have only just begun to fight. >> we also need to address the fundamental causes of our debts and deficits, and that's out of control spending. >> i think it's a little unreasonable for senator reid to say that something that they produced on new year's eve, produced by a bunch of sleep-deprived dock gentlem ed e should adopt within 24 hours. >>> the president tries to draw a line in the sign on the debt battles still to come. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >>> plus, hillary watch, just a short time ago, an suv carrying former president bill clinton left from an underground garage at a new york hospital where his wife, hillary, is still being treated for that blood clot in her head. good day, happy new year, i'm andrea mitchell live in washington. president obama arrived in washing
creators from this looming tax hike. everyone afrees that that action is necessary and i can report that we have reached an agreement on all of the tax, the tax issues. we are very, very close. adam: close but you no cigar. the u.s. falls off the fiscal cliff at midnight despite something in the work. you heard what senate minority leader mitch mcconnell said earlier today. we have members from both the house and senate on what happens next. i'm adam shapiro, in for melissa francis. on "money" the capital-gains tax in the cross-hairs. the capital-gains tax will spike in the new year. how can investors protect themselves from the coming blow? respect your elders or else. a parents dream, a child's burden. adult children forced to financially support mom and dad and pay regular visits in one major country. we'll tell you where and why they're doing it. even when they say it's not, it is always about money adam: had enough of the fiscal cliff yet? before we go there, let's take a look at the day's market headlines a whipsaw for the session for the markets on their last trading day of the year.
up or down on the senate bill as it stands. the package would increase taxes on individuals making more than $400,000 a year and couples making more than $450,000 a year. it would also extend unemployment insurance for a year for some 2 million people. and that house vote is expected to come this hour. we're watching it very closely. let's bring in our senior congressional correspondent dana bash on capitol hill. she has the very latest on what's going on. dana, i take it they started the actual debate, the vote could be fairly soon? >> they have started the debate on the procedural issues, but i just actually am getting an e-mail right now saying that the final vote, it doesn't look like it will happen until much later, until some time between 11:15 and 11:45 eastern. initially we were told in this hour, but it seems to have been pushed back. looks as though members do want to take the time to debate, to air out their concerns and perhaps their support for this, and so that's why we are, unfortunately, really going to go up to the -- go late into the night like last night. >> basi
we're looking at about $620 billion in new tax hikes on this deal, $15 billion in spending cuts. they will say we still have a debt ceiling fight upcoming and only put off the sequester just for a couple of months in this deal, suite prevented broad-based rally from hitting. we will live to fight another day on the spending cuts, still it will be a tough sell. adam: it will be off to the house, but as you said, no word from house leadership on the chances of it passing. let's listen to the crowd getting ready to jump off the fiscal cliff and welcome 2013. >> five, four, three, two, one! ♪ adam: and a happy new year, everybody. 2013, and that sound you hear is your taxes going up. rich edson, minimum for most americans taxes will go up a minimum $1000 depending on how much you make, correct? >> that is right. depending on whether or not the senate and the house can pass this deal is leadership has agreed to. what you have got now are essentially broad-based tax hikes. the questions we're getting over the fiscal cliff, technically we are in this gray area riggt now where adminis
that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job, and lays the groundwork for future progress. such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow to come to a vote. if they still want to vote no, that is their prerogative. but they should let everybody else vote as well. that is the way this is supposed to work. we cannot afford a politically self-inflicted wound to our economy. the economy is growing. the folks you sent to washington have to do their jobs. the housing market is healing, but that could stall if folks are seeing smaller paychecks. unemployment rate is lowest it has been in 2008, but already families and businesses are starting to hold back because of the disfunction they see in washington. you meet your deadlines. you meet your responsibilities every single day. the folks you sent here to serve should do the same thing. we cannot let washington politics get in the way of america's progress. we've got to do what it takes to protect the middle class, prot
a deal. we may still get hit with an automatic tax hike. how much will that cost you? in time for the new year, a new snowstorm headed to the northeast. we'll let you know how bad this will get. and the yore in review, up with of the most unique and appalling takes on the year in review. good morning to you all. welcome to weekends with alex witt. no alex today. taking a much deserved weekend off. i'm t.j. holmes, good to be with you. new this morning, president obama outlining his course of action if we all go off the cliff. >> if an agreement isn't reached on time, then i'll urge the senate to hold an up-or-down vote on a basic package that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job and lays the ground work for more economic growth and deficit reduction. >> the president is optimistic that a deal can be reached midnight on new year's eve. listen to senate minority leader mitch mcconnell. >> we had a good meeting down at the white house. engaged in discussions in the hopes we can come forward as early as sunday
this is for republicans, it becomes a vote to essentially cut taxes. the clinton era tax rates have been basically bought back. the expiration of the books to -- bush tax cuts as of midnight this morning. what you have is a key vote in that house that will decide the fate of this deal that was struck between the minority leader of the senate and the vice-president just about an hour from now. diane: if this passes you still have to deal with spending cuts in the debt ceiling, of course. will that turn into another showdown? rich: absolutely. because there are really no significant spending cuts in here republicans are still sticking to their opening point which is any increase in the debt ceiling must be accompanied by spending cuts of equal values. that is something that republicans are going to have to the move the ball on. he also after member and a couple of months we're going to deal with government spending in general, what is known as a continuing resolution which funds the federal government, the discretionary part of the federal government. that expires in a couple of months and is something tha
slip slides away, spending cuts and tax hikes are indeed the order of the day on this new year. happy new year, america. i'm sue herrera. we will start with john har wood at the white house in a few minutes. but amman starts us out. >> it seems they are really hashing out details of what to do about the sequester, those are the massive spending cuts. how long you delay those down and otherwise pay for them seems to be the crux of the negotiation going on behind closed doors right now but it is very difficult to find out exactly where these negotiations stand because all sides are being very, very mum. we can tell you that democrats appear to be getting a little bit concerned about where this is headed. take a listen to senator tom harkin who took to the senate floor earlier today. >> the deal must be one that really does favor the middle class, the real middle class, those making 30, 50, 60, $70,000 a year. that's the real middle class in america. and as i see this thing developing, quite frankly, as i've said before, no deal is better than a bad deal and this looks like a very bad de
. the increasing of taxes and the sequester, the across-the-board tax cuts that would affect both the pentagon and domestic programs. joining me now with an update, a re-set, if you will, chief congressional correspondent mike emanuel. mike? >> bret, good evening, once again. it has been an interesting day up here on capitol hill after that wide bipartisan vote in the united states senate we instantly heard grumblings this morning from house republicans who said they wanted to take time to read the bill. after they read the bill they did not like what they saw. they said where are the spending cuts. raise taxes $41 for are every dollar or so that we are going to save money. that didn't add up for them and so house republican leadership spent a whole lot of time today, two different meetings behind closed doors with the rank and file allowing the rank and file to vent about the deal and talk about a way toward. they talked about the possibility of doing an amendment eceptionly to try -- essentially to try to tack on spending cuts on to the existing bill and then send it back to the united state
found common grounds on tax hikes and spending cuts. the senate is expected to vote some time tomorrow. and cb s 5 reporter sharon chin has the details for you. >> reporter: lawmakers postponed the automatic spending cuts that would have hit the pentagon and other federal agencies this week. they did strike a deal on taxes. three hours before the midnight deadline, mitch mcconnell and vice president joe biden emerged with a compromise in taxes, agreeing to wait on flashing spending. >> this is a mini cliff. the big cliff still lies in front of us. the big cliff on all spending cuts. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you're suppose to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. for above the $250,000 level on which president obama campaigned on. but those making more will see higher income taxes, capitol
passage. diane: rich, what happens with entitlement reform and tax reform? the city of the things we haven't discussed tonight that these are the other issues that continue to come up. not only do we deal with tax rates in this case but does the tax code in general needs to be completely overhauled. what happens with that? is that completely to the site now? rich: the first offer we got after the election was house speaker john boehner saying we should do tax reform and spending and entitlement reform and 2013 should be the year for that. the regional framework the president speaker were working out including a mechanism to raise revenue through tax reform and to cut spending and entitlements through spending and entitlement reform next year. that mechanism never happen. you can set targets and the law and state tax will achieve $1 trillion in savings over 10 years and entitlement reform will achieve the same. they never reach that so that is up in the air right now. you do have a willingness from the white house also did old -- to do corporate tax reform. they have a proposal that would l
trigger a big series of tax hikes and spending cuts. welcome to "america live" i'm rick folbaum. >> i'm arthe arthel nevel. the president is expected to make remarks within the hour about the on going negotiations about the so-called fiscal cliff. we'll bring that live to you when it happens. sources are telling fox news that congress has figured out the tax part. the main bone of contention is at this point the spending. the white house wants new spending using tax hikes to prevent some of the severe budget cuts that also kick in in 11 hours from now. republicans argued that is just robbing pete tore pay paul. chief congressional correspondent mike emanuel is live at the capitol following all of the bouncing balls. hey, mike. >> reporter: one concern for republicans as they look at this deal is what about spending cuts? where are the spending cuts? it sounds like they are getting close in the talks between vice president joe biden and the senate republican leader mitch mcconnell but there is not a deal until senator mcconnell knows he has enough support. let's take a look at some of
billion in spending cuts and tax increases that are set to go into effect, just under 48 hours from now. that is, unless the politicians in washington come up with a deal to pull back from the so call fiscal cliff. good morning on this sunday morning. >> i'm heather childers. welcome to a brand-new edition of america's news headquarters. there is still no concrete plan on the table. instead, lawmakers have given themselves by 3:00 p.m. today to come up with a compromise agreement that will have enough support to survive both a vote in both houses of congress. chief white house correspondent ed henry is live with more. >> good morning. interesting because the president, in his first sunday show, tv appearance since 2009, when he was pushing health care reform and went on "meet the press" to pound a message over and over, that in his estimation, the onus is on republicans over the next 24 to 48 hour, basically saying, if they don't put together that bipartisan deal in the senate that you just mentioned, they should have a vote in the house and in the senate on the president's stop-gap mea
on taxes. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. far above the $250,000 on which president obama campaigned. those making more will see higher income taxes, capital gains and dividends rates. san francisco tax attorney rob wood says you will notice on the paycheck one popular tax cut will be history. >> say the average person earning $1,500 a year will earn $20 more in tax increases. >> reporter: it extends unemployment benefits for one year and keep the child tax credit for workers who don't earn enough to pay income taxes. and the alternative minimum
am shibani joshi. ashley: and i and ashley webster. fiscal cliff talks are stalling. tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. we are also watching a settlement between u.s. regulators and about a dozen banks. sources tell the "new york times" that 14 banks include tank of america, wells fargo and jpmorgan chase. we are taking a loo
but the major market averages overall. companies that were very good companies to lock in the tax rates. i have a feeling you will see cash on the sidelines. liz: and zipcar agreeing to a deal with avis. nicole: that is right. avis hitting a new high. david: believe it or not, we may top 300, trading, just popped over 300, 304, 307 and continues to go up so we're settling up today, that is always a good sign. look down here, number three on the list, the tech heavy nasdaq really popping. a lot of other stocks to look at, but all of these, what a wonderful way to start the new year. lots of people locking in their gains last year, the lower tax rate, a lot of people said they would buy it, and that looks ite exactly what is happening but we have to focus on the nasdaq. liz: the small and mid-cap index shooting up so high today, that is a record close and the last one april of 2011, so those names looking very good and for people who sold out and got out of stocks, they were losers today, they missed a major rally particularly in the small and mid-cap names. david: oil got a nice pop today, congr
whether they had the power to lay such tax on colonies collins which had no representative parliament and determined in the affirmative. also interesting to me about this article is this is where you get the first teaser for the forthcoming stamp act that everyone knows so well. and internal tax that is cut off and you can see that but an internal tax is forthcoming. violence and mobs and riots are also something that struck me because of the sheer magnitude of the violence that is reported in the newspapers of the day. in particular, this is a supplement to the boston newsletter from september 5, 1755. extraordinary for multiple reasons. one, the front page of this two page issue is details of the destruction of lieutenent governor thomas hutchinson's home, the lieutenant governor of boston but on page two from newport rhode island, we read of similar home destruction so here it reads, for a three day riot that to-do list. this. day one, a symbol and a wrecked gallows, make effigies of stamp master hated loyalist, hoisted effigies by net 15 feet high come make a fire and burned effig
get another tax cut. i would argue we can't afford it as a country, but the question is, are we going to allow middle class families to see their taxes go up while we have this debate? if we can agree we will continue tax cuts for the middle class, everything else begins to fall into place. >> wlho is working at this moment? are you involved in this? >> i've been in touch with those involved in this. there is no deal yet. i continue to hope for a bipartisan agreement today. what we see a monumental failure of presidential leadership. the president is the only person with a pen to sign this, and it's the president's responsibility to work on something that the house will pass, the senate will pass and he will sign. he is outsourcing this. he continues to campaign and lecture when he ought to focus on the number one problem that hurt z us as a country, which is our debt. >> it would be nice to place all the blame on the president, but that's not the reality. in the house our democratic caucus is meeting later on today. we've been united as democrats in wanting to protect middle class fa
spending. for all the talking of raising taxes, here is what we have. $620 billion in taxes and $15 billion in spending cuts. forget 1-1 tax hikes to spending cuts. forget 2-1. forget 3-1. try 41-1. 41 times for tax hikes than spending cuts. wall street is whooping that up? $329 billion added to the federal deficit in 2013 and $4 trillion in 10 years. these are not my numbers but the numbers of the congressional budget office so let this final number sink in. $62 billion a year. but we get tax hikes off the fat cat each year. enough to fund the government for less than a week! not even a week. don't spend it all in one place guys. if you think this is what you do on the brink, i hesitate to think what you do when we are not on the brink because behavior like this proves we will always be on the brink. that's why i suspect our credit rating will be downgraded and moody's hinting such an hour ago and wall street may not see it but a self respecting credit agency cannot miss it, washington cannot cut and washington cannot cut it so the aaa thing? stick a fork in it. the truth is, we do not des
that spares the vast majority of americans tax increases. it passed with broad bipartisan support the final vote was 89 yai's 8 nay's. they pent went to the floor to describe a flawed bill one of the best they could craft given the different priorities over the two parties for the last couple years. >> shouldn't be a model of how we do things but i think we can say we have done some good for the country. we have done some good for the country. we have taken care of the revenue side of this debate. >>> working through the night we have reached a deal with sen more mcconnell. i have said all along the most important priority was to pa protect the middle class families. >> it raises tax rates on incomes over 400,000 for individuals 450,000 for couples. it blocks the spending cuts for two months to the military and other government programs. that was a huge concern. it extends unemployment benefits for the long-term jobless for ner year and prevents 20 percent cut in fees for doctors who treat medicare patients and it also prevents a spike in milk prices that would have happened as a result of
the financial markets and puts the people ahead of politics, and we have to deal with these tax increases and spending cuts in a humane and tolerable way. the calm act does all of that. look what happens to people in need if we go over the cliff and just do nothing. on new year's day, the lowest income tax rate will jump from 10% back to the clinton-era rate of 15%. that's a pretty big financial bite for people in west virginia and i know in ohio, too, sir. these are people that are struggling right now. instead of an overnight tax hike of 5%, the calm act smooths the transition by phasing in increases over three years. so instead of a 5% increase, the 10% bracket would only go to 1 1.6% the first year. the calm act does the same with the other tax rate tax rates phm in over three years. but the calm act also puts the senate on record in support of comprehensive overhaul of our tax system. we can still work towards a big fix like the simpson-bowles framework and if we can do that next year, we could stop the full increase from ever occurring. another important feature of the calm act is t
reach a tax deal on the fiscal cliff. >> susie: i'm susie gharib. many wall street analysts and economists warned clients about the coming debt battles in washington. we talk with maya macguineas, director of "fix the debt". >> tom: will the deal jump start spending, now that americans know their tax rates? we get the outlook for business and consumer spending. >> susie: that and more tonight on "n.b.r."! >> tom: a small deal to avoid the fiscal cliff brings a big rally to wall street. awaiting president obama's signature tonight is an agreement not to raise taxes on most americans. even though hard decisions on government spending cuts were put off, the deal over tax rates ushered in a 308 point rally for the dow jones industrial average. but as sylvia hall reports, the new session of congress beginning tomorrow faces some big decisions very soon. >> reporter: as americans return to work from the holidays, they might breathe a little easier knowing the fiscal cliff isn't happening. but the deal on the president's te. in fact, it sets the stage for a bitter first quarter fig
color. it is sickening. you will do this to the poor people but not tax the rich? they deserve to be taxed. why should they be allowed to have all of this money and we have nothing? >> let's get a response. >> under the agreement that was worked out, and voted on this morning the senate, which was -- this morning, the senate says taxes will be allowed to increase. did. already dead pari ?" speaker boehner be challenged for the election? -- >> will speaker boehner be challenged for the election? >> nothing at this point. >> how many democrats will vote for this legislation? >> it sounds like there will be an overwhelming vote among democrats. the sentiment was biden is very good at making sales pitches for his plan. there were mines changed with in the room. >> jim of cnn sends out this week. -- tweet. how could the senate passed this 89-8 and yet it is so hard to get it done in the house? >> this is not the first time this has happened. there was a payroll tax cut extension. when you are elected, you have voters from all over the state. you have a lot of people with similar vie
prevent the across-the-board tax increases and spending cuts to a wide range of government programs. we've also learned that president obama personally called harry reid and nancy pelosi to ensure that they are on board with this plan. our chuck todd says it is not likely that we would see a deal on that vote before midnight, just on the logistical standpoint the house remains adjourned until tomorrow. mike, what is the latest you're hearing about a possible vote tonight, maybe not before midnight at this point, but sometime during the night? >> yeah, i don't think it will happen before midnight, just too many procedural hoops to jump through, and they haven't even completed writing the bill. vice president joe biden arrived, met with harry reid briefly, and walked into the second floor and into the caucus room where democrats had gathered. joe biden's mention to pitch this deal, to the caucus, one mention, if they're going to bring it up tonight. we talked about the senate and how slow it moves. it can move very fast, when they have unanimous consent, in other words, where every senato
be shielded from tax increases, and now he wants an extension of unemployment insurance. that is something that essentially a nontarter in a republican-controlled house. now he is leaving it up to the two leaders in the u.s. senate try to reach a compromise. something perhaps along the line of what is being negotiated between the speaker and the president a couple of weeks ago. perhaps a tax increase for amounts of more than $400,000 or $500,000 per year. also, senate leaders want to include something on the estate tax, according to a white house official. we'll can also be key to this is that the white house officials are also telling fox news and ed henry that it appears as though the debt ceiling is not part of that. this is a huge nonstarter for republicans in the house. they want any dollar and increase of the debt ceiling to also involve a dollar in cuts over 10 years. if they don't have those corresponding cuts, it is unlikely that many of them will vote for an increase in the debt ceiling. removing them from the equation helps pave the way, at least for what will really be describe
tax. they 6 worked together before and they have succeeded reaching a deal before and folks on capitol hill they can do so again. >> less than 26 hours from what everyone calls a fiscal cliff. it would be comprehensive big package we hear them talk about, the big compromise that speaker boen and the president had worked out a year and a half ago? >> if you want what is known a as the grand bargain you would likely get in two steps. a small down payment, a tax rate increase and some of the spending measures and some of the other tax measures and perhaps instructions for the next six to eight months to congress to work on entitlement and spending reform and broader tax reform package. but all those specific details when you talk about entitlements and spending on the bigger side. $3-4 trillion deal that would have to be filled in over the next year. >> all right. rich, we appreciate it. just a reminder, 5:00 a.m., cheryl casone will have the latest on overseas trading but also any potential deal or leak that has a deal may be in the works. find out right here on the fox big network. fox
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